Brent crude oil rebound is limited, German bonds linger at low levels awaiting a breakthrough

⑴ November Brent crude oil rose by about 2% today, but is still limited near the $110 area, where highs have formed over multiple trading days recently. ⑵ The May 18 high is at $112.72, indicating there is still significant room before a healthy uptrend is restored. ⑶ On the downside, pay attention to the September 11 low around $103.5, as well as the $102 level broken through on July 23. ⑷ The key psychological threshold is expected to be near $100. ⑸ German bonds fluctuated between gains and losses during this session but remain far from recent lows, with no clear direction yet. ⑹ To start considering the formation of a meaningful bottom, a further extension is needed tomorrow, with a break above the $120.65 to $120.75 highs of the previous two trading days being the first upward focus. ⑺ Overall, the oil rebound remains limited, resistance above remains strong, while German bonds are in a phase of low consolidation. The breakout direction may determine the short-term sentiment trend.